Monthly income of Angolans limits access to foreign currency for travel

14 January 2019

The allocation of 8,000 euros per trip, set by the National Bank of Angola, depends on the monthly income of each client paid into commercial banks, and should not exceed 25 million kwanzas (70,000 euros) per year, said a director at Banco Yetu.

Fernando Vunge, speaking to Angolan state news agency Angop, said that although the amount per trip had been raised from 4,500 to 8,000 euros, it was difficult for banks to award this amount because few Angolans have monthly incomes equivalent to that amount.

In addition to that factor, which reduces access to the 8,000 euros per trip, the director noted the difficulty of commercial bank clients found in proving the origin of their monthly income.

According to BNA Notice 13/13, in order for commercial banks to provide the currency should identify and conduct Know Your Customer and Customer Due Diligence procedures, paying particular attention to checking the consistency between the financial capacity/income level of the client and the amounts of their transfers.

These measures put in place by the central bank are also intended, according to the Banco Yetu director, to ensure that the funds in the clients’ accounts, when converted into foreign currency, are not used for money laundering or capital flight.

Customers wishing to travel can access foreign currency using electronic payment cards, bank transfer, cash or foreign cheque. (macauhub)